Business Model and Idea Generation:
“coming up with business ideas is easy” (http://bizthoughts.mikelee.org/brainstorming-business-ideas.html). However, most of these ideas are not pursued due to fear of the unknown. But if these business ideas are pursued they are generally pursued wrong which can lead to several problems. There methods to limit the risk such as business models.
“Business models are perhaps the most discussed and least understood aspect…” (http://digitalenterprise.org/models/models.html). Having the right business model can be the success of any company. Initially, having a product can help business owners understand the right business model so that the product can be market fit and generate revenue.
Demand and Competition:
This concept can indicate certain industries likelihood of success depending on a company’s product. One great way to better understand are using tools such as google adword. This tool can be extremely useful in the beginning stages of brainstorming a product because google adword can give enough detail in regards of competition and monthly searches.